Mobile betting accounted for 96% of the states’ betting handle. Meanwhile, the Garden States 12 bookmakers earned $96 million, a staggering 47% from August 2022.
Tax officials charged the New Jersey sportsbooks $12.3 million in state taxes, and as of September 18, the state has now collected $373.8 million since 2019.
DraftKings Top August Revenue Earner
DraftKings New Jersey generated the most revenue amongst the states’ licensed bookmakers, earning $56.9 million in August revenue. Of that, $56.9 million was wagered online, while retail partner Resorts generated $68,801 in revenue.
FanDuel New Jersey earned the second most revenue, reporting $24.1 million earned through their app, with an additional $1.5 million earned through its retail partner Meadowlands. The famed racetrack was also the top retail sportsbook destination during August, and second place wasn’t even close.
BetMGM New Jersey and retail partner Borgata held down the third spot on the revenue chart, earning $4.7 million in August proceeds. Borgata earned just $271,454 in revenue during the eighth month, making it the second-most popular brick-and-mortar sports betting destination in the Garden State.
Hard Rock and its partner Hard Rock Atlantic City earned fourth in the state, generating $2.3 million in revenue. The app earned $21. Million, while the retail shop housed in the Hard Rock Atlantic City Casino made $189,291 in August revenue.
Barstool Sportsbook tied down the fifth spot in the state, reporting earnings of $2,2 million. Freehold Raceway generated $148,865 in revenue for the soon-to-be-named ESPN Bets.
Parlays Continue To Pad Revenue Stats
The 12 New Jersey sportsbook companies combined to generate $39.7 million from parlays during August. That is a whopping number considering the overall state hold rate was just 9.5% and why parlays have accounted for roughly $330 million of the $2.9 billion in revenue generated since 2019.
New Jersey Top Post-Paspa Destination Through August
The August figures allowed New Jersey to become the top sports betting state in the country since the US Supreme Court’s historic 2018 PASPA ruling paved the way for legalized sports betting in the Garden State.
Of the 12 sports betting shops, less than half (5) earned less than $1 million in revenue during August (WynnBet, Prophet Exchange, Tipico, Sporttrade, and Golden Nugget). Prophet Exchange was the only one reporting operating at a loss during August.
Parlays continue to generate more income for the sportsbooks than any other of their betting markets. Customers losing at a 25% clip on these parlay cards is what really earns these companies their revenue, and without them, they would all have serious problems surviving.